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ARTICLE · 21 JANUARY 2020

2018-2019 Investment Canada Act Annual Report Is Published

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While there are a number of federal and provincial statutes that are sector-specific and that limit foreign investment in Canada, the Investment Canada Act...

CanadaGovernment, Public Sector
Anthony Baldanza
Anthony Baldanza
Robin Spillette
Robin Spillette
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Overview of the administration of the Investment Canada Act

While there are a number of federal and provincial statutes that are sector-specific and that limit foreign investment in Canada, the Investment Canada Act ("ICA") is the only statute of general application in Canada that provides for the review and approval of foreign investments. For investments other than investments in cultural businesses, the ICA is administered by the Investment Review Division ("IRD") of the federal Department of Innovation, Science and Economic Development ("ISED"). Investments in cultural businesses are administered by the Cultural Sector Investment Review ("CSIR") unit of the federal Department of Canadian Heritage ("Heritage Canada"). Where a transaction involves both non-cultural and cultural businesses, both IRD and CSIR may be involved. IRD is solely responsible for the administration of the national security provisions of the ICA. Decisions to approve or disallow

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